retirement readiness - sentinel benefits...source: blackrock 2013 retirement readiness survey...
TRANSCRIPT
Retirement Readiness Knowledge is Power
Presented by:
Ben Healy, Client Experience Manager Lisa Francis, Director, User Experience Strategy
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Save the Date UPCOMING CLINICS May 22, 2014 Fee Disclosure: Get the “411” on 408(b)(2) June 26, 2014 PPA Document Restatement July 17, 2014 Review, Execute & File Your 5500 All webinars are held 2:00-3:00 EST. Register in “Webinars & Events” under “For Companies” at www.sentinelgroup.com
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Today’s Agenda
• Readiness & Employee Confidence
• Our New Tools
• Demonstration
• What Sentinel is doing to help
• Next Steps
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What is ‘Retirement Readiness’?
• Ability for a individual to accumulate enough savings to fund their desired lifestyle in retirement
• What it takes: – Knowledge and Education – Planning – Action and Awareness
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Are People Ready?
45% Not saving because they don’t know how much they will need
Source: BlackRock 2013 Retirement Readiness Survey
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Are People Ready?
59% Believe they can’t save enough to make a difference
Source: BlackRock 2013 Retirement Readiness Survey
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THE GOOD NEWS…
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Knowledge is Power
9/10 Who know how much to save are actively planning for it.
4x More confident about their retirement
Source: BlackRock 2013 Retirement Readiness Survey
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Knowledge Drives Action What percent of employees would be encouraged to save more if their retirement account helped them understand:
94% 95% 95%
How much income their current savings would fund in retirement.
How much they needed to save to reach their retirement goal.
How much to save per dollar of income they want in retirement
Source: BlackRock 2013 Retirement Readiness Survey
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Introducing MyRetirement Benefits for Participants: • Provide the answer to how much your account will yield • Display how much you can safely withdrawal per month • Demonstrate how saving more can impact your
withdrawals per month Benefits for Plan Sponsors: • Helps maximize participant contributions • Answers important retirement question of “how much” • Improve retirement readiness of employees
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Accessing MyRetirement
Automated Widget • Calculates participant’s retirement income • Automated display – no input required • Illustrates impact of additional contributions
Extended Planning Tool • Extends analysis to other resources
– Other assets, Social Security, other income • Shares key assumptions with Widget
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MyRetirement Widget
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Widget Assumptions
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MyRetirement Widget
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Extended Planning
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Goals for the Tool
Plan Participation
Participant Contributions
Plan Engagement
Employee Readiness
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What is Sentinel doing? • MyRetirement tool
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What is Sentinel doing? • MyRetirement tool • Participant Statement Gap
Analysis
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What is Sentinel doing? • MyRetirement tool • Participant Statement Gap
Analysis • Educational messaging
(Smart Messaging)
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What is Sentinel doing? • MyRetirement tool • Participant Statement Gap
Analysis • Educational messaging
(Smart Messaging) • Plan level readiness analysis
in Plan Overview Report
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What is Sentinel doing? • MyRetirement tool • Participant Statement Gap
Analysis • Educational messaging
(Smart Messaging) • Plan level readiness analysis
in Plan Overview Report • Plan level participant
readiness gap analysis • Individual financial planning
webinars (May)
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Next Steps… No action required by you! • Coming by end of May
We need email addresses • Educational campaigns on retirement savings strategy will be
kicking off in May and are driven by emails. Watch the recording of our Smart Messaging Client Clinic from March.
Provide employee compensation • Extended planning tool will integrate with as much information
as possible from our system • Compensation is a key driver to readiness analysis on participant
statements
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Questions? Upcoming Client Clinics 5/22/14 - Fee Disclosure: Get the “411” on 408(b)(2) 6/26/14 - PPA Document Restatement 7/17/14 - Review, Execute & File Your 5500
Interested in learning more about our retirement services? Contact Ben Healy [email protected] 781-914-1264